- Eco-friendly technology, high beam quality and a lower cost of ownership, and acceptance of automobile and mobile electronics applications have propelled the growth of the global industrial lasers systems market
PORTLAND, Oregon, March 3, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Industrial Lasers Systems Market by Type (Macro processing, and Micro processing), Power (Less than 1 kW, and More than 1.1 kW), and Application (Cutting, Welding, Non-metal processing, Additive manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global industrial lasers systems industry garnered $20.12 billion, and is anticipated to reach $36.51 billion by 2026, registering a CAGR of 7.5% from 2019 to 2026.
Driving factors for the market
Eco-friendly technology, high beam quality and a lower cost of ownership, and acceptance of automobile and mobile electronics applications have boosted the growth of the global industrial lasers systems market. However, laser hazards and lower cutting speed while processing thicker materials hamper the market. On the contrary, technological advancement with respect to fiber lasers is expected to create lucrative opportunities in the near future.
Macro processing segment held the largest share
The macro processing segment held the largest share in 2018, contributing to more than three-fourths of the global industrial lasers systems market. This is due to the rise in its popularity as a labeling medium. However, the micro processing segment is expected to portray the largest CAGR of 8.1% during the forecast period. This is attributed to the increase in miniaturization in the electronics and hardware sector, and ongoing R&D activities regarding the use of fiber lasers as a milling tool in the aerospace industry.
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Less than 1 kW segment to manifest fastest growth through 2026
The less than 1 kW segment is expected to register the fastest CAGR of 8.0% during the forecast period. This is attributed to the rise in implementation of industrial lasers systems for micro-processing applications in the semiconductor industry, medical industry, and others. However, the more than 1.1 kW segment dominated in 2018, accounting for more than two-thirds of the global industrial lasers systems market. The lasers with power capacity more than 1.1kW are effective for applications such as cutting, welding, and others, in various end-user industries that include automotive and chemical, which drives the growth of the segment.
Asia Pacific dominated the market, North America to grow at moderate pace
The global industrial lasers systems market across Asia Pacific held the largest share in 2018, contributing to nearly three-fifths of the market. The increase in demand for fiber lasers in the electronics and automotive industry in this region drives the growth of industrial laser systems market However, the market across LAMEA is projected to manifest the fastest CAGR of 8.8% during the forecast period, owing to the advantages associated with industrial lasers system such as less operating cost, enhanced productivity, flexible operational activities, and production of good quality products. On the other hand, North America is estimated to register CAGR of 7.2% from 2019 to 2026.
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Major market players
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